Whom should you name as the beneficiary of your IRA or Qualified Plan? Sometimes, it can be best to name a trust for your intended beneficiary. Read on to see the protections a trust can offer that a direct designation of the individual would not. Naming a Trust as Beneficiary of an IRA … [Read more...] about Naming a Trust as Beneficiary of an IRA
An estate plan considers many important aspects. We wrap up our six part series with a critical aspect to consider -- the impact of taxes. This article examines some of the many ways consideration of taxes might impact an estate plan. 6 Important Estate Planning Considerations – Part 6: Taxes … [Read more...] about 6 Important Estate Planning Considerations – Part 6: Taxes
Retirement takes planning. This article includes milestone ages, such as when you must begin taking distributions from retirement plans. The article also includes links to resources which will be helpful in your retirement planning process. Age-Related Retirement Milestones … [Read more...] about Age-Related Retirement Milestones
Let's continue our six part series on important things to consider as you design an estate plan. Retirement assets may be a very large part of a person’s estate at death. It’s important to consider the income tax ramifications of naming a beneficiary, as well as protecting those assets for the beneficiaries. This article considers some of these issues. 6 Important Estate Planning Considerations – Part 5: Retirement Assets … [Read more...] about 6 Important Estate Planning Considerations – Part 5: Retirement Assets
Do you own your own business? If so, you should have a plan for your business after your death or in case you become disabled. There are three documents which can help you include your company in your estate plan. Financial Power of Attorney A financial power of attorney (POA) is an instrument that allows you to name someone to control your financial assets when you are unavailable. It’s important your POA qualify as a “durable” POA. Having the POA created as a durable POA is important … [Read more...] about Estate Planning for Your Business
Do you have a Revocable Living Trust? This handy document can help your estate executor and attorney easily pass property to your family members after your death. It may even help your family to avoid estate taxes and probate. Even if you have a Revocable Living Trust as your primary estate document, you still need a Last Will and Testament. The type of Will used with a Revocable Living Trust is called a Pour Over Will. What would happen if you bought a new piece of property, but you passed … [Read more...] about Do You Need a Will If You Have a Trust-Based Estate?
In the estate planning world, a Revocable Living Trust and a Last Will and Testament are the two most common documents used to settle estate affairs and pass property and financial assets to beneficiaries. Both offer the ability to name your heirs as well as someone to oversee your estate, and give you the capability of dividing your assets among those you love. But there are several ways these two documents are different: Life and Death A Last Will and Testament, the most commonly … [Read more...] about Trust vs. Will: Understanding the Difference
Do you and your spouse want the same things for your estate? Then, draw up a reciprocal Will. Years ago we referred to these as “I Love You” Wills. They are not used much today, but may be appropriate for some clients. Reciprocal Wills are essentially identical testaments that allow you and your spouse to “mirror” how your estate will be handled. You leave your estate to your spouse and your spouse leaves the estate to you. This type of document is the simplest way to plan your estate if your … [Read more...] about What is a Reciprocal Will?